Investors didn’t take kindly to the medicine being prescribed by the U.S. Federal Reserve Wednesday to fight off inflation. It showed in negative stock indices by the session’s end.
The TSX deducted 59.31 points to wind up Wednesday at 20,193.33.
Gold took the most punishment, with OceanaGold subsiding 10 cents, or 3.9%, to $2.50, while Iamgold slid 10 cents, or 3.2%, to $3.04.
In energy, Pason Systems lost 60 cents, or 4.1%, to $13.97, while Suncor went south $1.13, or 2.5%, to $44.31.
Filo Mining figured prominently in material losers, lopping off 95 cents, or 4.4%, to $20.84, and Labrador Iron Ore docked $1.32, or 3.6%, to $35.50.
Consumer staples tried to make it interesting Wednesday, as Alimentation Couche-Tard picked up $1.98, to 3.1%, to $65.64, while Saputo tallied 48 cents, or 1.3%, to $37.02.
In consumer discretionary, Gildan Activewear strutted its stuff, notching higher by $2.27, or 5.9%, to $41.03, while Sleep Country recorded a “wide-awake” gain of 46 cents, or 1.9%, to $24.97.
Tech stocks did better Wednesday, too, as Haivision Systems took on 14 cents, or 3.8%, to$3.84, while Alithya Group gained eight cents, or 3.4%, to $2.44.
On the economic slate, Statistics Canada said new home prices in Canada declined 0.2% month over month in January. Prices were down or unchanged in 25 of the 27 census metropolitan areas surveyed and up in two.
Meanwhile, a Reuters poll showed that TSX will add to its rally this year and hit a record high in 2024 as the Bank of Canada turns less hawkish and
China’s reopening boosts demand for commodities but the upswing will be less than previously thought.
ON BAYSTREET
The TSX Venture Exchange dropped 6.33 points, or 1%, to 619.18.
Eight of the 12 subgroups lost strength on the day, with gold dulling in price 2.4%, while energy ailed 1.5%, and materials were weaker 1.1%.
The four gainers were led by consumer staples, up 0.8%, consumer discretionaries, better by 0.5%, and information technology, eking ahead 0.1%.
ON WALLSTREET
Stocks fell Wednesday as traders parsed through a summary of the Federal Reserve’s most recent meeting, looking for clues on the central bank’s next move against inflation.
The Dow Jones Industrials shed initial gains and finished in the red 83.26 points to 33,046.33,
The S&P 500 slid once again, this time, 6.29 points, to 3,991.05.
The NASDAQ Composite edged up 14.77 points to 11,507.07.
Shares of Palo Alto Networks popped 12% after the cybersecurity company lifted its earnings forecast for the year. Crypto exchange platform Coinbase topped revenue expectations, but shares fell 4%.
Shares of Intel retreated more than 2% on Wednesday after the struggling chipmaker slashed its dividend.
The minutes showed inflation remained “well above” the Fed’s 2% target, adding that the labour market is still “very tight, contributing to continuing upward pressures on wages and prices.”
Fed officials also noted that “inflation data received over the past three months showed a welcome reduction in the monthly pace of price increases but stressed that substantially more evidence of progress across a broader range of prices would be required to be confident that inflation was on a sustained downward path,” the minutes said.
Prices for the 10-year Treasury gained, lowering yields to 3.92% from Tuesday’s 3.96%. Treasury prices and yields move in opposite directions.
Oil prices demurred $2.45 to $73.91 U.S. a barrel.
Gold prices swooned $9.40 to $1,833.10 U.S. an ounce.